Oil prices continue to drop

New York - Oil prices fell for the fifth straight session Thursday as support eroded for the four-month highs reached last week.

New York's main contract, WTI crude for September delivery, lost 97 cents to $103.40 a barrel.

In London, Brent crude for September fell 76 cents to $106.68.

Timothy Evans of Citi Futures said the correction in prices was expected.

"After weeks of ignoring bearish news and responding to bullish developments, the crude oil market has begun retreating - despite supportive fundamental news such as China's record imports and an ongoing cycle of protests that continue to limit production from Libya."

"Rising North Sea production as seasonal maintenance is completed has weighed on the market this week, as have the ample US stocks of gasoline, with only a few weeks left in the summer driving season."